Why Corning Plunged Today
Corning is selling stock on a tough day for AI infrastructure.
Overview
Shares of optical fiber producer Corning (NYSE: GLW) fell hard on Monday, down 13% on the day as of 2:05 p.m. EDT.
Virtually all hardware companies related to the AI infrastructure build-out were down today; however, Corning took an even larger hit, as it announced after market close last Friday that it would also be selling stock to fund its build-out.
Details
Last Friday, Corning announced in a filing that it would sell up to $2 billion of stock on the open market through an at-the-market equity sale program, to be administered by Goldman Sachs.
Source
Originally published at www.fool.com.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.